The online peer-to-peer (P2P) Bitcoin trading exchange LocalBitcoins has recorded the highest Bitcoin-to-fiat trading volume to date in both Venezuela and Argentina.
According to the Bitcoin statistics Website Coin Dance, the trading volume of Bitcoin to Argentine pesos surged 54% from around 24m pesos (41 BTC) on December 14 to 34m (62 BTC) on December 21. Trading of the Venezuelan bolivar against Bitcoin increased by 18% from 209bn bolivars (637 BTC) to 248bn (787 BTC) in the same week.
Citizens of both the nations are using Bitcoin to hedge against the inflation and poor performance of their national currencies. Bloomberg has suggested that Venezuelan President Nicolas Maduro’s regime is exploring the possibility of holding Bitcoin and Ethereum reserves as the country struggles with hyperinflation, chronic shortages of essential goods and US sanctions.
Argentina is also grappling with inflation. The country banned the buying of Bitcoin and other cryptocurrencies using credit cards on November 1, 2019. Following the announcement, Bitcoin trading volume on LocalBitcoins surpassed all previous milestones recorded on the charts of Coin Dance.
(Source: Coin Dance)
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